MIRA
INFORM REPORT
|
Report Date : |
20.10.2007 |
IDENTIFICATION DETAILS
|
Name : |
AYDAL MAKINA SANAYI VE TICARET A.S. |
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Registered Office : |
Kemankes Mah. Alipasa Degirmen Sok. No:8 Karakoy |
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Country : |
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Financials (as on) : |
30.09.2007 |
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Date of Incorporation : |
14.01.1977 |
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Com. Reg. No.: |
143852 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Import and domestic trade of technical hardware. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
COMPANY
IDENTIFICATION
|
NAME |
: |
AYDAL MAKINA SANAYI VE TICARET A.S. |
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ADDRESS |
: |
Head Office/Store: Kemankes Mah. Alipasa
Degirmen Sok. No:8 Karakoy |
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PHONE NUMBER |
: |
90-212-292 09 15 |
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FAX NUMBER |
: |
90-212-249 87 08 |
LEGAL STATUS AND
HISTORY
|
TAX OFFICE/NO |
: |
Galata / 1090038433 |
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REGISTRATION NUMBER |
: |
143852 |
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REGISTERED OFFICE |
: |
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DATE ESTABLISHED |
: |
14.01.1977 |
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LEGAL FORM |
: |
Joint Stock Company |
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TYPE OF COMPANY |
: |
Private |
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REGISTERED CAPITAL |
: |
YTL 600,000 |
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PAID-IN CAPITAL |
: |
YTL 600,000 |
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HISTORY |
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The registered capital was increased to
YTL 50,000 on 23.06.2003 (Commercial Registry Gazette Date/No:
26.06.2003/5828) The registered capital was increased from
YTL 50,000 to YTL 600,000 on 15.12.2005 (Commercial Registry Gazette Date/No:
20.12.2005/6456) |
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OWNERSHIP /
MANAGEMENT
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SHAREHOLDERS |
: |
Aylin Akkaya Ahmet Ayhan Akkaya Mesrure Akkaya Mehmet Ali Akkaya Serap Akkaya |
26 % 24 % 24 % 24 % 2 % |
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SISTER COMPANIES |
: |
Declared to be: None |
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GROUP PARENT COMPANY |
: |
None |
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SUBSIDIARIES |
: |
None |
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BOARD OF DIRECTORS |
: |
Ahmet Ayhan Akkaya Mehmet Ali Akkaya Aylin Akkaya Serap Akkaya |
Chairman Vice-chairman Member Member |
OPERATIONS
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BUSINESS
ACTIVITIES |
: |
Import and domestic trade of technical
hardware. |
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SECTOR |
: |
Commerce |
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TRADEMARK(S) |
: |
The firm sells mainly the following
trademarks: Amex and A |
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NUMBER OF
EMPLOYEES |
: |
8 |
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NET SALES |
: |
(YTL) 1,426,400 1,366,870 1,539,001 988,350 |
(2004) (2005) |
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CAPACITY |
: |
None |
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PRODUCTION |
: |
None |
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IMPORT VALUE |
: |
(USD) 456,896 482,813 522,668 |
(2005) |
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IMPORT COUNTRIES |
: |
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MERCHANDISE
IMPORTED |
: |
Technical hardware |
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EXPORT |
: |
None |
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PREMISES |
: |
Head Office/Store: Kemankes Mah. Alipasa
Degirmen Sok. No:8 Karakoy Branch: Kemankes Mah. Alipasa Degirmen
Sok. No:14/A Karakoy Istanbul (rented) Warehouse: Istoc 2 Ada No: 48/50-52/54
(600 sqm) (rented) |
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FIXED CAPITAL
INVESTMENTS |
: |
None |
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TREND OF BUSINESS : There was a decline at sales volume in nominal terms in 2005 but there
was an upwards trend in 2006
COMMERCIAL MORALITY : Good
SIZE OF BUSINESS : Upper-moderate
FINANCE
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MAIN DEALING BANKERS |
: |
Akbank Galata branch in Garanti Bankasi Galata branch in |
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CREDIT FACILITIES |
: |
No credit facility has come to our
knowledge. |
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PAYMENT BEHAVIOUR |
: |
No complaints have been heard regarding
payments from banks. According to the official registries between 01.01.2000-15.09.2007, there are no protested bills and non-paid cheques registered in the name of “Aydal Makina” |
COMMENT ON
FINANCIAL POSITION
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FINANCIAL
STRUCTURE (SUFFICENCY OF OWN RESOURCES) |
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Capitalization was fair as of 30.09.2007
However it has to be noted that, 63 % of total liabilities and equity was consisting
of long term loans from shareholders rather than liabilities to third parties
as of 30.09.2007 indicating low
indebtedness to third parties. |
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LIQUIDITY |
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High |
As of 30.09.2007 |
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PROFITABILITY |
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High |
Between 01.01-30.09.2007 |
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GAP BETWEEN
COLLECTION-PAYMENT PERIODS |
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Unfavorable |
Between 01.01-30.09.2007 |
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GENERAL
FINANCIAL POSITION |
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Good |
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CREDIT OPINION
CREDIT OPINION WITHOUT OBLIGATION : We are of the opinion that, a max. credit of USD 275,000 may be
granted to the subject company.
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Incr. in
producers’ price index |
Average YTL/$ |
Average YTL/EUR |
Average YTL/GBP |
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(2004) |
13.84 % |
1.4266 |
1.7666 |
2.6001 |
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(2005) |
2.66 % |
1.3499 |
1.6882 |
2.4623 |
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(2006) |
11.58 % |
1.4309 |
1.7987 |
2.6377 |
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(1.1.-30.06.2007) |
2.98 % |
1.3733 |
1.8275 |
2.7117 |
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(1.1.-30.09.2007) |
4.98 % |
1.3447 |
1.8084 |
2.6720 |
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BALANCE SHEETS |
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YTL |
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YTL |
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31.12.06 |
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30.9.07 |
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CURRENT ASSETS |
2.379.187 |
|
1,00 |
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2.781.612 |
|
0,99 |
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Cash and
Banks |
97.487 |
|
0,04 |
|
245.491 |
|
0,09 |
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Marketable
Securities |
0 |
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0,00 |
|
53.310 |
|
0,02 |
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Account
Receivable |
422.287 |
|
0,18 |
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222.568 |
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0,08 |
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Other
Receivable |
0 |
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0,00 |
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0 |
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0,00 |
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Inventories |
1.780.090 |
|
0,74 |
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2.190.698 |
|
0,78 |
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Advances
Given |
68.475 |
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0,03 |
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0 |
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0,00 |
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Other
Current Assets |
10.848 |
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0,00 |
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69.545 |
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0,02 |
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NON-CURRENT ASSETS |
11.817 |
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0,00 |
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21.258 |
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0,01 |
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Long-term
Receivable |
0 |
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0,00 |
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0 |
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0,00 |
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Financial
Assets |
0 |
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0,00 |
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0 |
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0,00 |
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Tangible
Fixed Assets (net) |
11.752 |
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0,00 |
|
14.714 |
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0,01 |
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Intangible
Assets |
0 |
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0,00 |
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0 |
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0,00 |
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Other
Non-Current Assets |
65 |
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0,00 |
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6.544 |
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0,00 |
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TOTAL ASSETS |
2.391.004 |
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1,00 |
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2.802.870 |
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1,00 |
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CURRENT LIABILITIES |
54.681 |
|
0,02 |
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55.675 |
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0,02 |
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Financial
Loans |
0 |
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0,00 |
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0 |
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0,00 |
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Accounts
Payable |
5.050 |
|
0,00 |
|
5.333 |
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0,00 |
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Loans from
Shareholders |
0 |
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0,00 |
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0 |
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0,00 |
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Other
Short-term Payable |
0 |
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0,00 |
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0 |
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0,00 |
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Advances
from Customers |
5.026 |
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0,00 |
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0 |
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0,00 |
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Taxes
Payable |
44.605 |
|
0,02 |
|
15.517 |
|
0,01 |
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Provisions |
0 |
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0,00 |
|
34.825 |
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0,01 |
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Other
Current Liabilities |
0 |
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0,00 |
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0 |
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0,00 |
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LONG-TERM LIABILITIES |
1.560.216 |
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0,65 |
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1.771.056 |
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0,63 |
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Financial
Loans |
1.560.216 |
|
0,65 |
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0 |
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0,00 |
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Securities
Issued |
0 |
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0,00 |
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0 |
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0,00 |
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Long-term
Payable |
0 |
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0,00 |
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0 |
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0,00 |
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Loans from
Shareholders |
0 |
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0,00 |
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1.771.056 |
|
0,63 |
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Other
Long-term Liabilities |
0 |
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0,00 |
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0 |
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0,00 |
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Provisions |
0 |
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0,00 |
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0 |
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0,00 |
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STOCKHOLDERS' EQUITY |
776.107 |
|
0,32 |
|
976.139 |
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0,35 |
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Paid-in
Capital |
600.000 |
|
0,25 |
|
600.000 |
|
0,21 |
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Reserves |
123.460 |
|
0,05 |
|
176.107 |
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0,06 |
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Revaluation Fund |
0 |
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0,00 |
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0 |
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0,00 |
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Accumulated Losses(-) |
0 |
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0,00 |
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0 |
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0,00 |
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Net Profit
(loss) |
52.647 |
|
0,02 |
|
200.032 |
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0,07 |
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TOTAL LIABILITIES AND EQUITY |
2.391.004 |
|
1,00 |
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2.802.870 |
|
1,00 |
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INCOME STATEMENTS |
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YTL |
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YTL |
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|
2006 |
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|
|
1.1-30.09.2007 |
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Net Sales |
1.539.001 |
|
1,00 |
|
988.350 |
|
1,00 |
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Cost of
Goods Sold |
735.502 |
|
0,48 |
|
521.992 |
|
0,53 |
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Gross Profit |
803.499 |
|
0,52 |
|
466.358 |
|
0,47 |
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Operating
Expenses |
398.363 |
|
0,26 |
|
319.167 |
|
0,32 |
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Operating Profit |
405.136 |
|
0,26 |
|
147.191 |
|
0,15 |
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Other
Income |
22.071 |
|
0,01 |
|
303.861 |
|
0,31 |
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Other
Expenses |
11.845 |
|
0,01 |
|
83.901 |
|
0,08 |
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Financial
Expenses |
348.841 |
|
0,23 |
|
116.600 |
|
0,12 |
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Profit (loss) Before Tax |
66.521 |
|
0,04 |
|
250.551 |
|
0,25 |
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Tax
Payable |
13.874 |
|
0,01 |
|
50.519 |
|
0,05 |
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Net Profit (loss) |
52.647 |
|
0,03 |
|
200.032 |
|
0,20 |
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FINANCIAL RATIOS |
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2006 |
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|
1.1-30.09.2007 |
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LIQUIDITY RATIOS |
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Current Ratio |
43,51 |
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|
49,96 |
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Acid-Test Ratio |
9,51 |
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|
9,36 |
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ASSET STRUCTURE RATIOS |
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Inventory/Total Assets |
0,74 |
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|
0,78 |
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Short-term Receivable/Total Assets |
0,18 |
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|
0,08 |
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Tangible Assets/Total Assets |
0,00 |
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|
0,01 |
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TURNOVER RATIOS |
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Inventory Turnover |
0,41 |
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|
0,24 |
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Stockholders' Equity Turnover |
1,98 |
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|
1,01 |
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Asset Turnover |
0,64 |
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|
0,35 |
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FINANCIAL STRUCTURE |
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Stockholders' Equity/Total Assets |
0,32 |
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|
0,35 |
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Current Liabilities/Total Assets |
0,02 |
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|
0,02 |
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Financial Leverage |
0,68 |
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|
0,65 |
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PROFITABILITY RATIOS |
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Net Profit/Stockholders' Eq. |
0,07 |
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|
0,20 |
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Operating Profit Margin |
0,26 |
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|
0,15 |
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Net Profit Margin |
0,03 |
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|
0,20 |
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COLLECTION-PAYMENT |
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Average Collection Period (days) |
98,78 |
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|
81,07 |
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Average Payable Period (days) |
2,47 |
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|
3,68 |
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RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)